Contract Account - Terminologies Used - SS3 Accounting Past Questions and Answers - page 1

A formal agreement between two or more parties outlining the terms and conditions of their relationship

An invoice requesting payment from a client

A purchase order authorizing a contractor to provide goods or services

A change order requesting a change to the original terms of the agreement

A percentage of the contract value withheld by the client as security for the contractor's performance

Payments made to the contractor during the course of the project based on the completion of specific milestones

Changes made to the contract or scope of work that affect the agreed-upon price and timeline

A document issued by the client requesting a change to the original terms of the agreement

An invoice requesting payment from a client

A percentage of the contract value withheld by the client as security for the contractor's performance

A document issued by the client authorizing the contractor to provide goods or services

Changes made to the contract or scope of work that affect the agreed-upon price and timeline

A formal agreement between two or more parties outlining the terms and conditions of their relationship

An invoice requesting payment from a client

A document issued by the client requesting a change to the original terms of the agreement

Changes made to the contract or scope of work that affect the agreed-upon price and timeline

Payments made to the contractor during the course of the project based on the completion of specific milestones

Changes made to the contract or scope of work that affect the agreed-upon price and timeline

A document issued by the client authorizing the contractor to provide goods or services

A percentage of the contract value withheld by the client as security for the contractor's performance